MPs to discuss CPP jobs in Parliament (From York Press)
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MPs to discuss CPP jobs in Parliament
2:50pm Tuesday 21st February 2012 in Business news
MEMBERS of Parliament are meeting representatives of York employer CPP tonight in Parliament.
York MPs Hugh Bayley and Julian Sturdy and other interested MPs, will meet chief executive Paul Stobart to talk particularly about local jobs at the card protection provider, which employs about 1,000 people in York.
CPP suspended its shares on the London Stock Exchange yesterday after the Financial Services Authority (FSA) asked it to carry out a review of past sales of its card protection and identity protection and provide compensation where the watchdog believed it had been mis-sold. It is currently negotiating with the FSA to try to reduce the scope of the review after saying the business would not be viable if it was forced to take this action.
Hugh Bayley, MP for York Central, said that he had written to the FSA in May last year to express his concerns about the impact of the investigation on jobs in York and urged them to complete a speedy investigation, but he felt they had been slow.
He said he received a reply from Hector Sants, the chief executive of the FSA, saying the organisation needed to do the enquiry and would follow their normal procedures.
Mr Bayley said: “I am concerned the enquiry has taken as long as it has. If there is a problem with the way CPP has sold policies in the past, it needs to be resolved as quickly as possible so they can address the problems and move on.
“It is nine months since I first wrote to the FSA and I do think they have been dragging their feet, which has not done CPP any favours.
“I don’t form a judgement about the issues under investigation by the FSA, but I will do whatever I can to protect jobs for hundreds of my constituents,” he said.
Julian Sturdy, MP for York Outer, said: “Whilst I support a thorough FSA investigation into any potential mis-selling of credit card or identity protection, I truly hope that this matter can be resolved as quickly as possible.
“The existing uncertainty in economic markets combined with news of this investigation must be of great concern to CPP’s employees in York and I am due to meet with representatives of CPP today in Parliament to discuss the situation further.”
Comments(7)
York_Landlady
says...
4:48pm Tue 21 Feb 12
If the company is selling inherently poor value services to people that require compensation to be paid then clearly they have been very naughty boys and let's face it, the FSA is hardly fierce - more like a toothless koala bear - so if there is the evidence, why let such crooks stay in business?
Yes, Hugh and Julian have to pay lip service to 'helping out' but heck any business has to be built on sound and legal foundations.
What I would like to know is how much the City Council Business Devt Dept paid to get CPP into York in the first place?
chickpea
says...
4:57pm Tue 21 Feb 12
newscritic
says...
10:39am Wed 22 Feb 12
pedalling paul wrote:How very helpful at a time when 1,000 jobs are at risk in York.
I went there once for an information day for prospective employees. We listened in to incoming phone calls, and heard the scripted sales pitch being used by target-driven staff to try and sell or upgrade insurance and other cover to clients. I drew the conclusion that one would have to be brain dead to work there, got on my bike and pedalled off home.
Just because you are not the call centre type person does not give you the right to call the work brain-dead.
Most jobs are not the type of work most people doing them would rather be doing, but all credit to these workers for seeking and gaining employment.
And thnks to CPP for that employment opportunity in York.
So I'm afraid Paul - get on yer bike.
Amoco Caditz
says...
1:35pm Wed 22 Feb 12
I drew the conclusion that one would have to be brain dead to work there, filled in the application forms and decided that I would fit right in.’
Hilda2
says...
1:06pm Thu 23 Feb 12
York_Landlady wrote:WOW People really are rude and very narrowminded!!! If CPP were to close down there would be over 1000 people out of work in York. That is 1000 people who are happy to work for a living, because the FSA have decided that they need to justify their jobs by saying lets make CPP pay back the last 7 years customers because we {FSA} have failed to notice a single part of an old policy that we dont like. Maybe the FSA could have noticed this 7 years ago (as they are supposed to look at policys companies offer ) and this could have been rectified then, CPP would still be able to employ over 1000 people and pedalling paul could sit on his high horse with York_Landlady . It would be disatorous for York, as there are NO jobs for people to go to.
CPP seemed to have a reputation in York for hire and fire with its employees and I may be wrong but I seem to recall this is not the first time they have had FSA regulatory issues.
If the company is selling inherently poor value services to people that require compensation to be paid then clearly they have been very naughty boys and let's face it, the FSA is hardly fierce - more like a toothless koala bear - so if there is the evidence, why let such crooks stay in business?
Yes, Hugh and Julian have to pay lip service to 'helping out' but heck any business has to be built on sound and legal foundations.
What I would like to know is how much the City Council Business Devt Dept paid to get CPP into York in the first place?
Dudestock2011
says...
12:19pm Fri 9 Mar 12
pedalling paul wrote:How wrong you are Paul. CPP hires some incredibly talented people and it requires a huge amount of brain power to service the calls that come in efficiently and fairly!
I went there once for an information day for prospective employees. We listened in to incoming phone calls, and heard the scripted sales pitch being used by target-driven staff to try and sell or upgrade insurance and other cover to clients. I drew the conclusion that one would have to be brain dead to work there, got on my bike and pedalled off home.
I worked there for four years and it was one of the most demanding jobs I ever had!
newscritic says...
4:08pm Tue 21 Feb 12
Any compensation to past customers could be settled in due course.
Cameron must intervene - and now!